Guiding consumers since 2009

FSB warns against trading with Zantech

By Staff Writer
The Financial Services Board (FSB) has warned the public not to conduct financial services business with Zantech Trading, an entity conducting business from its offices in Durban and various other cities in South Africa. 
The company says on its website that investors can become a shareholder in the entity and earn 25% in monthly dividends for a period of 12 months.
 
The company claims it is registered with the FSB but the regulator has said that Zantech Trading is not authorised as a Financial Services Provider (FSP) nor a representative of an authorised FSP. 
 
“Contrary to Zantech Trading’s claims, the FSB has not granted a temporary licence to this entity.  Zantech has not been been audited by the FSB and as an unauthorised FSP, the activities of Zantech Trading are also not authorised. However, an investigation into the entity has been launched by the South African Reserve Bank,” they added.
 
Further false claims
 
Regarding media statements that Zantech Trading acquired shares of Siyaya Finanace Brokers, the FSB said they had contacted the owner of Siyaya Finance Brokers (Pty) Ltd, who said he had not  sold his business to Zantech Trading. Siyaya Finance Brokers (Pty) Ltd’s licence was also provisionally withdrawn by the FSB on 26 July 2013 due to non-compliance with legislation.
 
“Persons rendering financial services without a licence or without being appointed as representatives are acting in contravention of the Financial Advisory and Intermediary Services Act, 37 of 2002. Such contravention is an offence which carries a heavy fine or period of imprisonment,” said the FSB.
 
What consumers should know
 
The regulator said consumers who wish to conduct financial services with an institution, entity or person should  check beforehand with the FSB on either the toll free number (0800110 443) or on its website www.fsb.co.za to determine whether or not such an institution, entity or person is authorised to render financial services.
 
Justmoney contacted Zantech’s offices in Durban, Johannesburg, Newcastle, Port Shepstone, Phalaborwa and Sandton for comment but they could not be reached. 

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